Creates pilot program to provide corporation business tax and gross income tax credits for value of certain fruit and vegetable donations made by commercial farm operators.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a pilot program in New Jersey to provide tax credits to commercial farm operators who donate fruits and vegetables to charitable organizations. Specifically, it offers a credit against the corporation business tax and the gross income tax equal to 50% of the wholesale value of the donated produce, up to a maximum of $5,000 per donation period. The program requires documentation from the charitable organization and includes an annual reporting requirement to assess its effectiveness. It also establishes guidelines for calculating the wholesale value of the donated goods.
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